Tri Gold signs option deal

An undisclosed party recently signed a US$7.5 million option agreement to explore Trio Gold’s (ASE) wholly owned Rodeo Creek property, 30 miles north of Carlin, Nev.

Trio said it will operate and manage a staged exploration drill program by mid-year to test a number of potential deep, high-grade gold targets identified on the property.

The program will be funded by the optionee, which must spend US$3 million by the end of 1994 to earn a 20% working interest, with a minimum of US$1 million to be spent by the end of this year. The optionee can increase this to a 50% interest by additional staged expenditures to the end of the 1996. Trio’s property is about one mile from the producing Dee gold mine.